Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Gold is squeezed in the channel
2019-11-11 • Updated
On the daily chart of gold, quotes approached the lower border of the upward trading channel. A successful test of the support with the subsequent breakout of the neckline of the Head and shoulders pattern located near $1,230 may result in a quotes' downfall towards $1,210 and $1,190.
On the hourly chart of gold, the Head and Shoulders pattern has worked out. There is a change in the short-term trend or a pullback within the near-term upward trend. A rollback from $1,255 and $ 1, 260 levels may result in the opening of short positions.
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Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone